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Live Update: Sensex up over 100 points on firm global cues, Nifty above 8,150; Max Financial Services soars

by June 17, 2016 General
bse sensex, nse nifty The BSE Sensex opened 128.39 points, or 0.48 per cent, up at 26,653.85, while Nifty 50 index opened 35.90 points up at 8,176.65. (Photo: PTI)

2.09 pm: Real estate stocks were trading higher on Friday on hopes that the capital market regulator Sebi will consider proposals for relaxed norms for REITs. Read more

The Nifty Realty index was up 2.89 per cent at 190.35.

1.37 pm: Max Financial Services shares soared 19.99 per cent intraday on BSE on Friday after HDFC informed bourses that Max Life Insurance and Max Financial Services will merge into HDFC Standard Life Insurance. Read more

1.34 pm: Sensex was up 107 points at 26,633. The market continued to trade higher in afternoon trade on fresh buying by investors. Some support also came with Economic Affairs Secretary Shaktikanta Das’ statement that FDI inflows in the current fiscal will top 15.3 per cent rise in 2015-16 on the back of reforms and liberalisation of FDI norms. Nifty was trading 19.10 points up at 8,159.

12.41 pm: In the biggest consolidation in the country’s private insurance sector, Max Life Insurance and Max Financial Services will merge into HDFC Standard Life Insurance. Shares of HDFC were trading 1.42 per cent up at Rs 1,218.40.

12.38 pm: GMR Infrastructure shares gained as much as 4 per cent in the early trade after a business daily reported that the company is in advanced negotiations with KKR and Apollo Global Management along with Abu Dhabi’s sovereign wealth fund ADIA and Canadian pension giant PSP Investments to sell a controlling stake in its Hyderabad airport. However, the company later denied selling controlling stake in Hyderabad Airport but added that it is exploring opportunities to raise funds. Read more

12.05 pm: Sensex was trading 130 points up at 26,655. Nifty was up 27 points at 8,167. Trading sentiment got a boost after India’s current account deficit (CAD) for the full fiscal 2015-16 narrowed to $22.1 billion, or 1.1 per cent of GDP, as against $26.8 billion, or 1.3 per cent of GDP, in 2014-15 on the back of contraction in the trade deficit. Also, CAD narrowed sharply to $0.3 billion, or 0.1 per cent of GDP, in the fourth quarter of 2015-16 from $7.1 billion, or 1.3 per cent, in third quarter, on account of lower trade gap.

11.48 am: The BSE Telecom index was up 0.27 per cent at 1,248.36. Read more: 4G launch: Which telecom stocks are best bets

Sensex was up 120 points at 26,646. Nifty was trading 23.55 points up at 8,164.

10.48 am: State Bank of India’s public-listed subsidiaries State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ) and State Bank of Travancore (SBT) hit their fresh 52-week high of Rs 723.70, Rs 749.25 and Rs 597.90, respectively, on Friday. Should you invest?

9.53 am: Shares of Pidilite Industries were trading 2.25 per cent up at Rs 714.85. Pidilite Industries’ wholly owned subsidiaries — Pidilite International and Pidilite Middle East — have acquired shares of Nebula East Africa Private (NEAPL), a company incorporated in Kenya. With this acquisition, the wholly owned subsidiaries of the company jointly hold 100 per cent of the paid up share capital (which is Kenyan Shillings 100,000) equivalent to approximately $1000 in NEAPL.

9.17 am: Buoyed by firm global cues, the BSE Sensex opened 172.82 points up at 26,698.28. Nifty was trading 49.50 points, or 0.61 per cent up at 8190.25. Balrampur Chini was trading 2.20 per cent down at Rs 115.55. Other sugar major also came under pressure after the government on Thursday imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.

Read more: Stocks in focus

9.15 am: The BSE Sensex opened 128.39 points, or 0.48 per cent, up at 26,653.85, while Nifty 50 index opened 35.90 points up at 8,176.65.

8.09 am: The BSE Sensex and NSE Nifty are likely to open in green on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global cues.

At 7.51 am (IST), SGX Nifty was up 57.50 points, or 0.70 per cent, at 8211.50.

Asian shares rose on Friday, but remained on track for weekly losses in a week dominated by fears that British voters will opt to leave the European Union in next week’s referendum.

Wall Street marked gains overnight, with the benchmark S&P 500 index erasing sharp losses to snap a five-day losing streak.

Back home, after a day’s breather, the Sensex resumed its downward spiral by taking a hit of 201 points to 26,525.46, tracking a global sell-off as Bank of Japan refrained from adding more stimulus and the Fed lowered its growth forecast for the US economy.

(With agency inputs)